Hisham Talaat Moustafa, the head of Talaat Mostafa Group Holding Company (TMGH), estimated the total investments in Madinaty and Al Rehab at EGP 455bn.

He said, in remarks to the press, that total investments into Madinaty will reach EGP 420bn.

The businessman added that his group aims to complete the development of the project which is located on an area of 8,000 feddans within 10 to12 years.

He explained that the group is working on the final stages of Al Rehab project, which has investments totalling EGP 30-35bn.

He noted that the group has made good revenues in the past nine months, following its adoption of innovative solutions and offering real estate projects that better fit the capabilities of Egyptians.

Moreover, he said that the group is preparing to offer its units in the New Administrative Capital within three months, and will rely on self-financing.

The group has signed a contract to buy a land of 500 feddans in the new capital, worth EGP 4.4bn, which will be paid in installments spanning nine years.

In addition, he noted that the company will take advantage of this plot to develop an integrated urban project over a period of seven years.

He pointed out that the partnership of TMGH with Prince Alwaleed bin Talal to implement several tourism projects was just a study, and did not end in anything formal.

He noted that the company exited the partnership in 2010, adding that when the prince visited Cairo in August, he proposed new investments that remained only at the proposal stage and did not result in anything concrete, due to the circumstances in Saudi Arabia.

Alwaleed bin Talal announced in August that he intends to invest in joint ventures with TMGH at a value of up to $800m.